Balboa Theater
Retail | 5,200 SqFt
Marketing description
The Balboa Theater represents a rare opportunity to acquire a historically significant building in the heart of Newport Beach’s Balboa Village. Located directly across from the Balboa Fun Zone—currently undergoing a thoughtful revitalization—the property benefits from strong pedestrian activity, proximity to the beach, and year-round tourism. Originally constructed nearly a century ago, the ±5,200 SF building sits on a ±5,200 SF lot with zero lot lines. While the structure itself is modest and in shell condition, the property was previously entitled for redevelopment with two iterations: an open-air concept and a fully enclosed theatre/restaurant buildout with a ±2,600 SF rooftop dining deck. Though the entitlements have since expired, the previously approved plans may provide a clear path forward with the City. The investment offering presents an opportunity for an owner/user or investor to purchase a landmark property in the Balboa Village, which is poised to undergo a dramatic and meaningful redevelopment in the near future.
Investment highlights
Ancillary Commercial Uses Permitted - A recorded deed restriction limits future use of the property to theater, cultural center, event center, or other performing arts uses. Ancillary commercial uses are permitted, which historically has included food, beverage, and bar components—critical for financial viability and guest experience.
Poised for Redevelopment - The building has remained vacant for decades and is in raw shell condition. Interior demolition has already occurred, and the property offers a clean slate for redevelopment.
Parking - Parking for the property is grandfathered and conveniently supported by several nearby public lots. The Fun Zone parking lot is located directly across the street, and the Balboa Pier Parking Lot, just one block west, offers over 600 spaces with 24-hour access. Additional city-owned lots are located throughout Balboa Village, all within easy walking distance. On-street parking along Balboa Boulevard and adjacent streets also provides accessible options for patrons—eliminating the need for on-site parking.
Balboa Village & Fun Zone Revitalization - The Balboa Theater is strategically positioned to benefit from the transformative revitalization of the adjacent Balboa Fun Zone. In his recent State of the City address, Newport Beach Mayor Joe Stapleton announced a substantial $100 million investment into the Fun Zone’s redevelopment. This initiative, led by Chartwell Real Estate Development and the Pyle family, longtime Newport Beach residents, aims to restore and modernize this historic waterfront destination. The project encompasses the existing buildings, adjacent marina, parking garage, and the iconic boardwalk attractions, including the Balboa Ferris Wheel.
Currently in the planning phase, the redevelopment seeks to enhance the area’s appeal while preserving its cherished character. This significant investment is expected to increase foot traffic and invigorate the local economy, thereby enhancing the value and potential of neighboring properties like the Balboa Theater.
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